SPX 30m Chart -First thin dashed line was a false sell signal that no one fell for. Second bold dashed line is a sell signal that is a possibility. the way the markets are acting nothing is normal. This is of course coming after a bull cross on the 20/50ma's. This should generate downward pressure especially with the position of the 60m indicators. Still looking for some sort of reliable pattern. Daily price is being held down by the 50ma and a possible 61.8% retracement (depending on where you put the low. Some want an inverse H&S here with this being the backtest of the neckline. I'm not discounting that, but not calling it either. That call actually fits nicely with the CPC chart. If price can get thru 1150 it may get somewhere, but till then trust nothing to the short side. This is very difficult right now to call. Confusion is everywhere. Trading range is terrible and the spikes are all in the first 10m of the day. Sorry I can not be more specific. The sideline is the best place to be right now cause if you get a call wrong you can get wiped out, stops or not.
Possible head and shoulders pattern here - See red neckline. Target near 1246. Backtesting neckline in the chart right now. This does not jive with the 30m chart at all.
